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Direct tax mop up rises 15 Percent to Rs 4.39 lakh cr in Apr to Oct The government has collected Rs 4.39 lakh crore in direct taxes, up 15.2 percent year-on-year, during the first seven months of the current fiscal year. The collection, which includes personal income tax and corporate tax, represents 44.8 per cent of the total Budget Estimates of Rs 9.8 lakh crore in direct taxes for 201718 “The provisional figures of direct tax collections up to October, 2017, show that net collections are at Rs 4.39 lakh crore, which is 15.2 per cent higher than the net collections for the corresponding period of last year,”a finance ministry statement said. Gross collections (before adjusting for refunds) have increased 10.7 per cent to Rs 5.28 lakh crore during AprilOctober, 2017.Refunds amounting to Rs 89,507 crore were issued during the seve-nmonth period The Business Standard, New Delhi, 08th November 2017

GST advisory panel receives 700 representations on industry woes The six member advisory panel formed by the government for simplifying and rationalising the goods and services tax (GST) has received more than 700 representations on problems faced by industry over return filing, the eway bill, input tax credit, and exports.The committee will now meet for the first time on Wednesday to take up these issues, ahead of the crucial GST Council meeting on Thursday in Guwahati. Some of its recommendations may be taken up by the Council.The panel includes representations from trade and industry.“The government is open to taking feedback from industry and rectifying the anomalies in the law. We are putting in efforts to make the GST industry friendly and will be open to incorporating suggestions by the advisory panel,” said a government official. The final report of the group will be submitted on November 30 and discussed in the subsequent meeting of the Council.“If the panel comes toac...

Wilful defaulters cannot bid for their cos State Bank of India (SBI) chairman Rajnish Kumar on Monday said that promoters of defaulting companies are within their rights to bid for their businesses which are on the block following insolvency proceedings. However, wilful defaulters or those borrowers who have diverted funds will not find any place in the bidding process, he said. Kumar’s remarks come at a time when the insolvency process has come under criticism as it allows existing borrowers to bid for the companies at steep discounts. For instance, in the case of Innoventive Industries — one of the first cases in the National Company’s Law Tribunal under the new Insolvency and Bankruptcy Code — the best bids that the lenders have received requires them to take a haircut of 75% of their loan amount, resulting in a stalemate. “Ethically, I don’t know, but legally they are within their rights to participate,” said Kumar, responding to queries on whether it was ethical to let a d...

IT scanner on 80000 cases for huge cash deposits A year since demonetisation of high value currency notes, the incometax (IT) department has identified 80,000 “actionable cases” (people) who deposited cash of over Rs 10 lakh each in bank accounts but have no tax profile This is the new addition to the tax data, which had identified over 600,000 people for scrutiny over huge inconsistencies in the cash deposits made during the period under the two phases of Operation Clean Money —an exercise to identify black money stashed in the form of cash deposits in banks.According to sources, the IT department has sought explanations from these 80,000 people who have no record of income tax filing in the system. Some of them deposited cash of more than Rs 20 lakh in the bank account but have never filed returns.The finding sare part of a status report on demonetisation which was prepared by the ITdepartment under the supervision of the Central Board of Direct Taxes (CBDT). Sources said the...

Board Tightens Norms Shuts Backdoor Entry of Promoters ?INSOLVENCY CURBS Bankruptcy board has empowered the committee of creditors to conduct a due diligence on bidders' background and viability of resolution plans to prevent frivolous bids and thwart attempts at backdoor entry of promoters who ran the enterprise aground The Insolvency and Bankruptcy Board Tuesday tightened disclosure norms for insolvency professionals, and empowered the committee of creditors to conduct thorough due diligence on the bidders' background and viability of resolution plans. The latest move is likely to prevent any frivolous bids and also thwart attempts at backdoor entry of promoters who ran the enterprise aground. This would help realise the objective of the code that was enacted to protect the value of assets. “A key objective of the Insolvency and Bankruptcy Code is insolvency resolution of corporate persons in a time bound manner for maximisation of value of their assets,“ IBBI said ...